Maximizing Retirement Contributions:

• • Contributing to a qualified retirement plan like a 401(k) or SEP-IRA can significantly reduce your taxable income while building substantial long-term wealth. 

  Example: For 2025, you could potentially contribute up to $70,000.  For an owner in a 24% federal income tax bracket, this would result in an immediate federal tax saving of $16,800.

Deducting Self-Employed Health Insurance Premiums:

• If you're self-employed and not eligible for an employer-sponsored health plan, you can deduct 100% of the health insurance premiums you pay for yourself, your spouse, and your dependents.

Example: A qualifying self-employed individual paying $12,000 annually for health insurance premiums can reduce their taxable income by that full amount. If they are in a 24% federal tax bracket, this could result in $2,880 in savings.

Strategic Expense Deductions (including Home Office):

• Many business owners overlook eligible deductions.  We help you identify every applicable "ordinary and necessary" business expense, from supplies and software to vehicle mileage and the home office deduction.

Example: For a home-based business, the simplified home office deduction allows you to deduct $5 per square foot for up to 300 square feet. If you claim the maximum 300 square feet, that's a $1,500 deduction.  Business use of a personal vehicle qualifies for the 70-cent federal mileage deduction, meaning that 20,000 miles put on your truck during the course of business results in a $14,000 deduction.

Strategic Real Estate Investments for Tax Savings & Wealth Building:

Investing your business profits into real estate can offer powerful tax advantages and build substantial long-term wealth.  A cost segregation study can identify components of the property that have shorter depreciable lives (e.g., carpeting, lighting, plumbing, site improvements). These items can then qualify for 100% bonus depreciation, which allows you to deduct their entire cost in the first year.

Example: A business owner invests $1,000,000 in a new commercial property. A cost segregation study identifies $300,000 in qualifying assets with a useful life of 15 years or less.  With 100% bonus depreciation, the owner can deduct the entire $300,000 in the first year the property is placed in service, saving $72,000 in federal income taxes, dramatically improving cash flow.